UK’s FTSE 100 started the week on a positive note, helped by a surge in aerospace and defence stocks, while investors awaited economic data to assess the strength of the British economy.
The commodity-heavy FTSE 100 edged 0.1% higher, while the mid-cap index fell 0.3% in early trade on Monday.
Aerospace and defence stocks rose 1.0% boosted by a 3.6% gain in shares of Melrose Industries after the aerospace supplier said GKN Aerospace Engines business expanded its partnership with with GE Aerospace.
All eyes will be on the UK GDP this week, which is expected to show a contraction of 0.1% on a monthly basis in September, compared with growth of 0.2% a month ago, according to a Reuters poll of economists.
FTSE 100 falls on energy drag, but logs weekly gains
Investors will also monitor commentary from a slew of Bank of England officials including Governor Andrew Bailey, who will be speaking at the Irish central bank conference on Wednesday.
Hipgnosis Songs Fund, which had been undertaking a review of its financial position, fell 6.1% after it said it would not declare dividends before its new fiscal year to ensure sufficient cash resources.
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